Crypto

Solana Defi Exchange Hacked, Cardano Rejected By Paxful Founder While Snowfall Protocol Grows 250%

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Cryptocurrencies are gaining increasing attention due to their potential to revolutionise the way transactions are conducted. 

Snowfall Protocol (SNW) is a new cryptocurrency that boasts superior features over other popular cryptocurrencies like Cardano (ADA) and Solana (SOL). In this article, we are talking about what makes Snowfall Protocol (SNW) a better choice than Cardano (ADA) and Solana (SOL).

Solana (SOL) declines after major hack

Solana (SOL) has experienced a serious hack on one of its largest DeFi protocols, adding to the difficulties the network has had in recovering from the debilitating harm caused by the shocking collapse of one of its most important backers, FTX. On Friday, the Solana DeFi protocol, Raydium, revealed that a hacker had gained “owner authority” and was draining the company’s liquidity reserves. The hacker stole $1.6 million in Solana (SOL).

Consequently, Solana’s (SOL) cost has dropped by 7.72% over the past week, and by over 18% this month. This is not the first time Solana (SOL) was exposed to a hack this year. The consistent security breaches could mean there isn’t much security backing Solana (SOL). Therefore, investors are flooded with doubt whether they should continue holding Solana (SOL) tokens.

Paxful founder rejects Cardano (ADA) after Ethereum (ETH)

In a recent Twitter post, Paxful founder and Bitcoin peer-to-peer marketplace creator, Ray Youssef, stated that he would not be supporting Cardano (ADA), along with two other prominent tokens, on his platform. This comes after Youssef announced the delisting of Ethereum (ETH) from the platform.

According to analysts, the price of Cardano (ADA) may be heading for a precipitous drop after this announcement, supported by the overall market outlook for the token. As 2023 approaches, investors in the cryptocurrency industry are still trying to recover from a difficult year in which most of its assets, notably Cardano (ADA), incurred substantial losses.

Cardano (ADA) is in a consistent bearish trend, as shown by the daily chart. Moreover, Cardano (ADA) has been trading in a downward channel since August.

Experts predict that by 2023, the price of Cardano (ADA) could have dropped by another 60%. At the time of writing, Cardano (ADA) was trading at $0.31.

Snowfall Protocol (SNW) rises over 250% in one month

Due to the widespread demand for a more functional and streamlined cryptocurrency market, Snowfall Protocol (SNW) was introduced. The goal of Snowfall Protocol (SNW) is to establish a straightforward method of cross-chain communication that is highly efficient and secure. Snowfall Protocol (SNW) uses a canonical bridging concept to facilitate exchanges with both EVM-compatible and non-EVM-compatible blockchains. 

The launch of Snowfall Protocol (SNW) on January 3, 2023, should be at the top of the priority list for any cryptocurrency investor seeking a high rate of return on their initial investment. The presale and stage 2 of Snowfall Protocol’s pre-launch campaigns were both resounding successes for SNW.

Snowfall Protocol (SNW) token is currently in the last phase of presale and is trading at $0.14, up from $0.075 in the last round. Many industry experts predict that Snowfall Protocol (SNW) will become one of the tokens that helps most people earn huge ROIs in 2023.

Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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